14. Climate Change Flashcards
Greenhouse Gases
Gases that contribute to the greenhouse effect by absorbing infrared radiation, e.g., carbon dioxide and chlorofluorocarbons. Emissions of CO2, CH4 and N2O have increased since the pre-industrial era, driven largely by economic and population growth, and are now higher than ever. Their effects have been detected throughout the climate system and are extremely likely to have been the dominant cause of the observed warming since the mid-20th century.
Climate Change
a change in global or regional climate patterns, in particular a change apparent from the mid to late 20th century onwards and attributed largely to the increased levels of atmospheric carbon dioxide produced by the use of fossil fuels. Warming of the climate system and since the 1950s, many of the observed changes are unprecedented over decades to millennia. The atmosphere and ocean have warmed, the amounts of snow and ice have diminished, and sea level has risen.
Carbon Capture & Sequestration
CCS is the processeof capturing or sequestrating waste CO2 from large emission point sources such as fossil fuel power plants, transporting compressed CO2 to a storage site, and injecting/depositing it where it will not enter the atmosphere, normally an underground geological formation
a set of technologies that can greatly reduce CO2 emissions from new and existing coal- and gas-fired power plants and large industrial sources. CCS is a three-step process that includes:
Fugitive Emissions
emissions of gases or vapors from pressurized equipment due to leaks and other unintended or irregular releases of gases, mostly from industrial activities. As well as the economic cost of lost commodities, fugitive emissions contribute to air pollution and climate change.
Carbon Tax
a tax on fossil fuels, especially those used by motor vehicles, intended to reduce the emission of carbon dioxide
Tax-based policy specifically aimed at reducing greenhouse gas emissions (GHG) generated from burning fuels by putting a price on each tonne of GHG emitted
Cap and Trade
Market-based policy tool which sets an aggressive cap, or maximum limit, on emissions, distributes authorizations to emit in the form of emissions allowances and allows for each source to design its own compliance strategy to meet the overall reduction requirement, including the sale or purchase of allowances, installation of pollution controls, and implementation of efficiency measures.
Kyoto Protocol
The Kyoto Protocol is a legally binding agreement under which industrialized countries will reduce their collective emissions of greenhouse gases by 5.2% compared to the year 1990
Emissions Trading Scheme (ETS)
Works on the ‘cap and trade’ principle. A’cap’, or limit, is set on the total amount of certain greenhouse gases that can be emitted by the factories, power plants and other installations in the system. In some ETS’s like the EU ETS the cap is reduced over time so that total emissions fall
Climate Development Mechanism
Clean development mechanism – mechanism in the framework of the Kyoto Protocol that gives emitters of signatory states the option of investing in projects in developing countries under specified conditions and receiving CO2 certificates for this
RGGI
Regional Greenhouse Gas Initiative; regulate emissions from fossil fuel-fired power plants with a capacity of 25 MW or greater located within the RGGI States.
The Regional Greenhouse Gas Initiative (RGGI) is the first market-based regulatory program in the United States to reduce greenhouse gas emissions and is a cooperative effort among Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New York, Rhode Island, and Vermont to cap and reduce CO2 emissions from the power sector
Social Cost of Carbon
Includes all costs in the abatement cost calculation i.e. investment and operating costs as well as possible cost savings generated by use of the alternative, but excludes transaction costs, communication/information costs, subsidies or explicit CO2 costs, taxes, or consequential impact on the economy
an estimate of the economic damages associated with a small increase in carbon dioxide (CO2) emissions, conventionally one metric ton, in a given year. This dollar figure also represents the value of damages avoided for a small emission reduction (i.e. the benefit of a CO2 reduction). The SCC is meant to be a comprehensive estimate of climate change damages and includes, but is not limited to, changes in net agricultural productivity, human health, and property damages from increased flood risk. However, given current modeling and data limitations, it does not include all important damages. As noted by the IPCC Fourth Assessment Report, it is “very likely that [SCC] underestimates” the damages
Abatement Cost
Incremental cost of a low-emisssion technology compared to a reference case, measured in currency unit per tCO2e of emissions e.g. $/tCO2e. societal cost perspective which Includes investment costs (annualized capex repayments), operating costs and possible cost savings generated by use of alternatives. Excludes transaction costs, taxes, subsidies or explicit CO2 costs
A cost borne by many businesses for the removal and/or reduction of an undesirable item that they have created. Abatement costs are generally incurred when corporations are required to reduce negative externalities, like carbon, created during production
Abatement Curve
A marginal abatement cost curve or MAC curve is a set of options available to an economy to reduce pollution. They are valuable tools in understanding emissions trading, driving forecasts of carbon allowance prices, prioritizing investment opportunities, and shaping policy discussions
Parasitic Energy Requirements
Parasitic load is the non-useful energy produced. Parasitic energy requirements refer to the power used to run the emission mitigation machinery such as the regeneration of CO2 capture sorbents, compression of captured CO2 for transport and injection, the additional tower to minimize SO2 emission and the production of oxygen in oxy-fuel systems
